IAC CEO Joey Levin: Why Value Investing is BS; The Most Insane Element of SPACs | 20VC #982

ℹ️ EPISODE INFO

Released

February 24, 2023

Duration

42m

Channel

The Twenty Minute VC

Watch on YouTube

▶ Open ↗

📝 EPISODE DESCRIPTION

Joey Levin is the CEO of IAC where he has overseen the constant evolution of the company, including the initial IPO and subsequent spin-off of Match Group, the spin-off of Vimeo, and the acquisitions of Angie’s List and Care.com. If that was not enough, in October 2022, Joey was also appointed as CEO of Angi Inc. In addition to this, Joey also serves on the boards of IAC, Turo, and MGM Resorts International. ------------------------------------------------- Timestamps: 0:00 Intro 0:44 Who is Joey Levin? 7:00 Most Dangerous Traits from the Boom Times 10:13 Why “Value Investing” is BS 11:51 Be Greedy When Others Are Fearful 13:44 Private Market Valuations vs Public Market Valuations 16:21 Simplification is the Key to Value Creation 18:55 What makes “great messaging”? 19:58 Company Values 23:11 Being CEO of IAC and Angi at the Same Time 24:32 The Problem with SPACs 29:03 Joey’s Relationship to Money 36:00 When is the right time to give up? 38:50 Quick-fire Round ------------------------------------------------- In Today’s Discussion with Joey Levin We Discuss: 1.) The Makings of a Great Leader: When Joey was younger, what did he want to be when he grew up? What is Joey’s biggest advice to people coming out of college/university at this time? What 1-2 things does Joey credit his internal and fast rise in IAC to?

1. Value Investing is BS & The Markets Today: Why does Joey believe the idea of “value investing” is BS? What 1-2 behavior traits of investors in the last few years were most dangerous? Why does Joey believe that the current market is reasonable and now is the new normal? How does Joey keep internal morale high when people have become accustomed to high stock prices? Does Joey believe in the statement, “be greedy when others are fearful and fearful when others are greedy”? 3.) Simplification is the Secret to Margin & Messaging 101: Why does Joey believe simplification is the core of high margins? How can startups and scale-ups identify where to simplify first? What are the subsequent steps? Why does Joey believe that the best values should make you feel uncomfortable? What is a lesson from Joey’s father on what makes truly great messaging? 4.) Parenting, Money and Marriage: How does Joey reflect on his own relationship to money today? What are 1-2 lessons taught by his mother on how to approach money and wealth? What does Joey believe is the secret to truly happy marriages? What are Joey’s biggest lessons on what it takes to be an effective and good father? ------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on Twitter: https://twitter.com/HarryStebbings Follow Joey Levin on Twitter: https://twitter.com/joeyl Follow 20VC on Instagram: https://www.instagram.com/20vc_reels Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com -------------------------------------- #JoeyLevin #IAC #HarryStebbings #20VC

🎤 SPEAKERS

• Joey Levin

  guest

• Harry Stebbings

  host

🧾 EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Joey Levin and Harry Stebbings, IAC CEO Joey Levin: Why Value Investing is BS; The Most Insane Element of SPACs | 20VC #982 explores iAC CEO Joey Levin On Markets, SPAC Madness, And Real Value Creation Joey Levin, CEO of IAC and Angi, discusses career longevity, leadership, and building enduring businesses through hard work, clear opinions, and simplification. He challenges the traditional notion of “value investing,” arguing that true value lies in future potential, not low multiples, and explains why SPACs were structurally flawed for real companies. Levin dissects the impact of an entitled, bailout-conditioned generation, distorted private valuations, and the current market reset on operators and investors. He also reflects on personal topics like money, parenting, and persistence, sharing how family frugality and values-driven decision-making shape his leadership today.

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